USD/CAD: Loonie trading a tad lower, ahead of BoC’s interest rate decision


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD slightly rose against the CAD and closed at 1.3328.

In the Asian session, at GMT0300, the pair is trading at 1.3333, with the USD trading marginally higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3308, and a fall through could take it to the next support level of 1.3282. The pair is expected to find its first resistance at 1.3358, and a rise through could take it to the next resistance level of 1.3382.

Ahead in the day, traders would focus on the Bank of Canada’s (BoC) interest rate decision. Markets widely expect the central bank to hold rates steady at 0.50%.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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